Active Duty Service-member using VA Loan for a Buy and Rent Strategy in Temple Terrace, FL

[Julian Greenway]

Hello everybody,

Just need some second opinions on a deal. My wife and I found a SFR, 1,628 sq/ft home in Temple Terrace, FL. The home is in a good location and has low crime compared to similar blocks within the city. It was built in the 50's, but had undergone a recent major renovation to include terrazo floors. It's a 4/2 with a bonus room. Inspection reports didn't reveal any major repairs. Purchase price is $163,000 with seller paying all closing costs. My intent is to rent it out after three years of living in the property. Temple Terrace is a town in Tampa, FL. I'm using a VA loan, 4% for 30 yrs. I used the deal analysis spreadsheet floating around BP and I should net $100 a month after all expenses and reserves for capital expenditures (monthly repairs, property manager, etc.)

Since the property is in good shape, it should require much to rent it out unless a tenant trashes the place.  

Does this look like a good first deal for a buy and hold?  Especially since I will be living in the property for about three years with my wife and kids.  

Thanks for the help BP community, y'all ROCK!!

-Julian